Latest news with #EPH
Reuters
04-06-2025
- Business
- Reuters
Czech watchdog launches formal probe into collusion in heat and power plant auction
PRAGUE, June 4 (Reuters) - The Czech anti-monopoly office UOHS has started an investigation into a potential cartel agreement among three major Czech energy suppliers, it said on Wednesday. A spokesman said the case followed up on an initial probe last year in a case when UOHS inspected premises of electricity producers CEZ ( opens new tab, EPH and Veolia Energie ( opens new tab over a government auction for state aid for building power plants. UOHS was looking into whether the three companies coordinated bids in the auction meant to pick companies to build gas or biomass power and heat plants as part of a decarbonisation drive. CEZ, EPH and Veolia did not immediately respond to requests for comment.
Reuters
26-03-2025
- Business
- Reuters
European Commission approves EPH's takeover of Slovak energy utility
March 26 (Reuters) - The European Commission has approved the acquisition of sole control of Slovakia's main energy utility, Slovenske Elektrarne, by Czech billionaire Daniel Kretinsky's energy holding company EPH, it said on Wednesday. EPH had signed a deal to acquire Italian group Enel's ( opens new tab 50% stake in their joint holding company, which owns 66% of Slovenske Elektrarne. The Slovak state owns the other 34% share in Slovenske Elektrarne. "The transaction relates primarily to the production and sales of electricity, distribution of gas as well as balancing and ancillary services," the Commission said in a statement published on Wednesday. "The Commission concluded that the notified transaction would not raise competition concerns, given the limited impact on the market structure." Slovenske Elektrarne, which operates nuclear, hydro and solar power plants, put one new nuclear power unit into operation in 2023 and is completing a second. It generated 21.66 TWh of electricity in 2023. Kretinsky has built EPH into one of Europe's biggest energy groups, first by investing in coal power plants before taking on greener energy assets. He has also branched out into other investments in retail, media and logistics, including clearance to buy Britain's Royal Mail in a 3.57 billion pound ($4.5 billion) deal.
Reuters
18-02-2025
- Business
- Reuters
Czech investor Kretinsky's EPH raises debut $527 million Samurai loan
PRAGUE, Feb 18 (Reuters) - Czech energy group EPH, controlled by billionaire investor Daniel Kretinsky, raised its first Japanese loan facility worth 80 billion yen ($527 million), as part of efforts to diversify funding access, the company said. The so-called Samurai loan matures in February 2030 and pays an interest margin of 160 basis points over the Tokyo overnight average rate (TONAR), EPH said in a statement on Monday. SMBC Group was the sole coordinator of the loan. "We are delighted to have raised our debut Samurai loan, which is an important milestone in the further diversification of EPH's funding model," Vice-Chairman Pavel Horsky said in a statement. It was the largest debut for a corporate borrower in the Samurai loan market since the global financial crisis, Horsky added. Kretinsky, a 49-year-old former investment bank lawyer, has built Energeticky a Prumyslovy Holding (EPH) into one of Europe's largest energy groups since its founding in 2009, while also diversifying his investments into retail, media and other areas across Europe in recent years. EPH reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 3.6 billion euros ($3.76 billion) on revenue of 24.2 billion euros in 2023. ($1=151.8500 yen) ($1=0.9563 euros)
Yahoo
08-02-2025
- Business
- Yahoo
Blow to energy security as ‘Czech Sphinx' scales back gas power plant plans
Britain's blackout prevention system has been dealt a blow after the billionaire known as the 'Czech Sphinx' scaled back plans to build a new gas-fired power station in Yorkshire. EPH, controlled by Daniel Kretinsky, previously set out plans to spend more than £1bn on redeveloping Eggborough's coal power station by building two combined cycle gas turbine plants there, along with new battery storage. The gas-fired plants secured government contracts to provide 1.5 gigawatts (GW) of power from 2026 onwards through the capacity market, a backup system meant to keep Britain's lights on. This would be enough to power more than 2m homes. However, EPH last month terminated one of the contracts, halving the amount of electricity it would guarantee to the grid, according to regulatory filings seen by The Telegraph. Experts said the withdrawal threatened UK energy security unless the capacity was swiftly replaced, creating a headache for Ed Miliband, the Energy Secretary. They also warned that Mr Kretinsky's decision to scale back his ambitions was potentially an ominous sign about the viability of other gas plants, given the relatively high payments the Eggborough plants had secured. Mr Kretinsky's change of plans have come to light weeks after ministers approved his controversial £3.6bn takeover of Royal Mail, marking the first time the postal service has fallen under foreign ownership in its more than 500-year history. Known in the City for his inscrutable investment style and the rarity of his public statements, Mr Kretinsky is worth $7.5bn (£6bn). He made his fortune through EPH by betting that coal and gas-fired power plants would still be in demand across Europe for longer than most expected, even as other utilities retreated. His other stakes in British businesses include a holding in groceries giant Sainsbury's, while EPH's energy assets include gas-fired plants at South Humber Bank in North East Lincolnshire and Langage in Devon. EPH's decision to scale back its capacity market plans follow claims – denied by grid operators – that Britain came 'within a whisker' of blackouts last month when a 'dunkelflaute' period of calm weather rendered the country's wind farms largely inert. Mr Miliband's plan for a clean power system by 2030 relies on maintaining a fleet of gas power plants that function as last-resort generators, firing up when wind farms cannot provide enough power. These generators are deployed through what is known as the capacity market and EPH secured contracts at Eggborough to provide power at £63,000 per megawatt starting from 2026 to 2027. Tom Edwards, of the consultancy Cornwall Insight, said the contracts were some of the highest ever awarded. Under the 15-year deals, generators are paid a retainer on the understanding that they must be ready to switch on at a few hours' notice if the National Energy System Operator (Neso), which manages the grid, orders them to. Despite having previously issued warning notices to generators, which were later withdrawn, Neso has never resorted to activating the capacity market. However, Mr Edwards said the system remained an essential backstop and said the lost capacity at Eggborough would have to be replaced. He said: 'We are expecting several [gas plants] to come to the end of their lives before 2030, so there would need to be new capacity to replace them and maintain security of supply.' Kathryn Porter, an independent analyst at Watt Logic, said the Eggborough withdrawal had come 'at a bad time' and could force grid operators to pay out even bigger sums. She said: 'The Government wants to place 35GW of gas fired capacity into reserve by the end of the decade. 'The intention is to incentivise this through the capacity market. But the market has failed to deliver on its objectives since the outset and this cancellation indicates the challenges of providing sufficient economic incentive to secure this vital reserve. 'Prices are likely to have to increase to ensure enough gas reserve can be secured, but as [they are] paid as cleared to all plant securing contracts, regardless of technology, this could add billions of pounds to consumer bills.' On Friday, a spokesman for EPH did not respond to request for comment. Previously, a spokesman refused to comment on 'the specifics of ongoing development projects'. The company had said it expected the plant to be compliant with the Government's climate goals and that it could be converted to 'zero-emissions operation' in future. On Friday, a Neso spokesman said: 'As the delivery body for the capacity market, Neso works closely with the Government and industry to operate this market. 'Later this year we will run the annual T-4 and T-1 auctions, with the T-1 auction securing the rest of the required capacity for the 2025 to 2026 winter.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
